May 7, 2018 - Industry News
January saw a significant drop in lease originations, as finance sources placed a greater emphasis on loan incentives, according to Equifax. The firm also reported that subprime accounts fell to their lowest share of the market since 2006.
Tags: auto finance, auto loan origination, Equifax, Subprime Financing
April 12, 2018 - Industry News
The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.
Tags: auto finance, Brett Roberts, Credit Acceptance Corp., special finance, Steve Jones, Subprime Financing
December 13, 2017 - Industry News
Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.
Tags: auto finance, average finance amount, deliquencies, Subprime Financing, TransUnion
December 7, 2017 - Industry News
Subprime financing fell to its lowest point since 2012, while prime grabbed the lion’s share of the auto finance space in the third quarter. Even the used-vehicle market has gone prime, with buyers outside of prime accounting for just a third of the market.
Tags: auto finance, Experian Automotive, prime financing, Subprime Financing
November 21, 2017 - Industry News
For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.
Tags: auto finance, delinquencies, Hurricane Harvey, Hurricane Irma, Subprime Financing, TransUnion
November 2, 2017 - Industry News
The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
Tags: auto finance, Consumer Financial Protection Bureau, default rates, Long Loan Terms, Subprime Financing
April 10, 2017 - Industry News
A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.
Tags: auto finance, Morgan Stanley, Stretching Loan Terms, Subprime Financing, used-vehicle pricing, vehicle depreciation
December 19, 2016 - Industry News
Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
Tags: Grand Opening, Loan Origination System, Subprime Financing, U Drive Acceptance Corp.
June 7, 2016 - Industry News
The Ohio-based auto finance company made Greater Cincinnati’s ‘Top Workplaces of 2016’ list. SNAAC was previously named a ‘Best Place to Work’ in 2015 and 2013.
Tags: auto financing, SNAAC, Subprime Financing, top workplace
March 2, 2016 - Industry News
Prominent consumer finance attorney Thomas B. Hudson will be at Dealer Summit this May to discuss how regulators have changed the business model for special finance and buy-here, pay-here operations.
Tags: auto finance, buy-here, CFPB, FTC, pay-here, special finance, Subprime Financing, Tom Hudson
October 14, 2015 - Industry News
With the new connection, dealers signed up with the auto finance source and for RouteOne’s econtracting solution can receive electronic validation and distribution, as well as a signing process that works on signature pads, tablets and nearly any touchscreen-enabled device.
Tags: RouteOne, Subprime Financing, Westlake Financial Services
October 1, 2015 - Industry News
This week, Westlake Financial Service began its recruitment process as part of its plans to expand the servicing team in its Dallas production center, which opened its doors this past January.
Tags: auto finance, special finance, Subprime Financing, Westlake Financial Services
December 30, 2014 - Industry News
Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing
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